2022-04-05-accounts

Charity registration number 1073376

THE ELLERDALE TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

THE ELLERDALE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

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||| |---|---| |Trustees|S P Moores OBE| |P C Kurthausen| |A T R Macfarlane| |C L Cairns| |J S Elliott| |S J Moores| |Charity number|1073376| |Principal address|Tempest| |Suite 5.1| |12 Tithebarn Street| |Liverpool| |L2 2DT| |Auditor|Haines Watts, Chartered Accountants| |Pacific Chambers| |11 -13 Victoria Street| |Liverpool| |L2 5QQ| |Bankers|Barclays Bank PLC| |One Stanhope Gate| |Mayfair| |London| |W1K 1AF| |Investment advisors|CCLA Investment Management Limited| |Senator House| |85 Queen Victoria Street| |London| |EC4V 4ET| |Correspondent address|The Parlour| |The High Street| |Ketteringham| |Norfolk| |NR18 9RU|

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THE ELLERDALE TRUST

CONTENTS

	Page
Trustees' report	1 - 3
Statement of trustees' responsibilities	4
Independent auditor's report	5 - 7
Statement of financial activities	8 - 9
Balance sheet	10
Notes to the accounts	11 - 20

THE ELLERDALE TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2022

The trustees present their annual report and financial statements for the year ended 5 April 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's Trust Deed, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016).

The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

Objectives and activities

The Trust Deed states that the Trustees shall hold the capital and income of the Trust Fund upon trust to apply the income, and all or part of the capital, for the relief of poverty, distress or suffering by appropriate charitable assistance in any part of the world and in particular by the provision of funds, material and other assistance to needy or disadvantaged children.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the

trust should undertake.

To satisfy the primary objectives of the Trust, the trustees direct their support to registered charitable organisations only. No grants are paid directly to individuals.

Funding is applied :

(a) To charities which assist children to develop in their early years, mainly up to 10 with a limit of 18, although the Trust does support some young people over that age.

(b) With preference given for applications from Norfolk charities, but the Ellerdale Trust does support applications from elsewhere in the UK.

(c) Whilst concentrating on the United Kingdom, a small proportion of grants are made to overseas charities.

Grant making is mainly directed towards children in need falling within the primary groupings of:

(i) Children who have been abused, either sexually, physically or by bullying.

(ii) Brain damaged children.

(iii) Terminally ill children.

(iv) Children requiring mobility equipment because of illness.

(v) Holidays or breaks for carers and children from inner cities.

(vi) The causes and relief of mental illness.

(vii) Children and their families suffering from life threatening illness or bereavement.

(viii) Disadvantaged children living within depressed or deprived areas.

To date the Trust has paid out a range of grants to charitable organisations. Over the last eight years, the largest grant has been for £900,000 and the smallest £250.

• 1 -

THE ELLERDALE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

Achievements and performance

During the year the Trust made 35 grants totalling £166,750 (2021: 39 grants totalling £204,750)

Over the last number of years income of the Trust has reduced from £270k in 2014 to £205k in the current year. This reflects lower yields on investments, combined with a significant sale of investments to cover large donations to NSPCC and to spread liquidity risk. As a consequence total grants made have also reduced, from £240k in 2016 to £167k in the current year.

Financial review

The Statement of Financial Activities on page 8 of the accounts shows the charity's income of £204,971 which comprised of income from the charity's investments. Expenditure totalled £213,059 (of which £166,750 related to grant funding) leaving a deficit of £8,088 before investment gains of £590,081.

At 5 April 2022 there was £153 held in the income fund and £7,883,842 in the expendable endowment fund.

Reserves policy

The trustees have the discretionary power to convert part or all of the Expendable Endowment Fund into income and apply such funds for the purpose of the Trust. In the absence of exceptional circumstances which require such action, the trustees will continue to invest Expendable Endowment Fund assets and utilise income generated therefrom for the purpose of the Trust.

The annual income generated by the Expendable Endowment Fund is to be applied for charitable purposes. Year on year the trustees intend to make a full distribution of available income, subject to making adequate reserves for known and future potential liabilities and commitments, where applicable. Any amounts not so distributed will be held within the Income Fund for future allocation.

The Income Fund is an Unrestricted Distributable Fund. The Expendable Endowment Fund is also an Unrestricted Fund. There are no restrictions in the use of income or application of capital from the fund.

Investment policy

The Trustees’ Investment Policy is set out in their Investment Policy Statement dated October 2019 which states, inter alia, the financial objective is to maintain the real value of the assets through a combination of capital growth and income. The target return will be to achieve annual returns of UK CPI + 4% per annum over a time horizon of 10 years. The portfolio of cash and quoted shares and securities should be managed with a level of risk which is consistent with the Charity’s stated risk profile of Steady Growth.

The expected target income return of the portfolio for the year was c. £200k and an actual income stream was of £204,971 was received. At their meeting of 22 February 2022 the Trustees noted that CCLA's investment approach tended towards capital appreciation, as opposed to income stream, to achieve total return. Consequently it may be that future donations could be funded in part from capital appreciation, provided target returns were attained. It was agreed to increase total donations to £204,760, which would result in a transfer from capital of some £8,000.

The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

The Trust aims to maintain its annual investment income stream at around £200,000, and net of expenses to make full distribution of these monies year on year in accordance with objectives outlined above.

• 2 -

THE ELLERDALE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

Structure, governance and management

The Ellerdale Trust was established by a Trust Deed dated 6 October 1998.

The Trust was registered as a charity, number 1073376, on 19 January 1999.

The Trust received its first donations during September 1999, and is now the beneficiary of an income stream generated from a substantial expendable endowment fund.

The trustees, who served during the year were: S P Moores OBE P C Kurthausen A T R Macfarlane C L Cairns J S Elliott S J Moores

The Ellerdale Trust is an unincorporated entity in which none of the trustees had any beneficial interest.

Power of appointment of new trustees is vested in the Settlor, S P Moores, during his lifetime. A new trustee or new trustees may be appointed at any time (either by way of replacement or addition), but the total number of trustees shall at no time exceed six. The trustees shall never be less than three in number.

Any new trustees will be found from the contacts and networks of existing trustees. When recruiting new trustees the Board of Trustees looks for individuals with skills and experience which are of value to the Trust. When appointed, new trustees will be provided with a pack of information, including recent accounts, copies of the Trust Deed, information regarding finances, governance and charitable objectives, including minutes of trustees' meetings for the previous year.

Where appropriate, the Trust will support the training of trustees, including for example attendance at seminars organised by the Association of Charitable Foundations.

There was one formal meeting of the trustees during the year to review and make final decisions on the awarding of grants and the approval of accounts.

No expenditure below £200 will be capitalised in the accounts.

J S Elliott , a trustee, is a current director of BWM. BWM act as the charity's accountants and also assist with the administration of the charity. BWM was paid £4,938 during the year for accountancy and administration fees which is disclosed under the heading of governance costs in note 6 to the accounts.

Public benefit

Our grant making activities in 2021/22 demonstrated, in all accepted definitions, that The Ellerdale Trust provides charitable services that are of public benefit. We will continue to hold the delivery of public benefit as a key driver of our work.

The trustees confirm that they have referred to the guidance contained in the charity commission's general guidance in public benefit when reviewing the trust's aims and objectives when setting the grant making policy for the year.

The trustees' report was approved by the Board of Trustees.

S P Moores OBE

Trustee Dated: 24 January 2023

• 3 -

THE ELLERDALE TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 5 APRIL 2022

The trustees are responsible for preparing the accounts in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

Law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the trust's financial activities during the year and of its financial position at the end of the year.

In preparing these accounts, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and

• prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the trust and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

• 4 -

THE ELLERDALE TRUST

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE ELLERDALE TRUST

Opinion

We have audited the financial statements of The Ellerdale Trust (the ‘trust’) for the year ended 5 April 2022 which comprise the statement of financial activities, the balance sheet and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the charity’s affairs as at 5 April 2022 and of its incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

• the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

• the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the trust’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

• 5 -

THE ELLERDALE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE ELLERDALE TRUST

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• the information given in the financial statements is inconsistent in any material respect with the trustees' report; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

We assessed the susceptibility of the trust's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the company engagement team included: -Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; -Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; -Reviewing financial statements disclosures and testing to supporting documentation to assess compliance with applicable law and regulations.

Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

• 6 -

THE ELLERDALE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE ELLERDALE TRUST

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Section 144 of the Charities Act 2011 and regulations made under Section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Haines Watts

24 January 2023

Chartered Accountants Statutory Auditor

Pacific Chambers 11 -13 Victoria Street Liverpool L2 5QQ

• 7 -

THE ELLERDALE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5 APRIL 2022

Current financial year

Current financial year	Current financial year	Current financial year
Unrestricted Endowment funds funds 2022 2022 Notes £ £			Total	Total
	funds	funds
	2022	2022	2022	2021
	£	£	£	£
Income from:
Investments 3	204,971	-	204,971	220,294
Expenditure on:
Charitable activities 4	213,059	-	213,059	253,364
Net gains/(losses) on investments 10	-	590,081	590,081	1,063,557
Net income/(expenditure)
	(8,088)	590,081	581,993	1,030,487
	8,048
Transfers between funds 16		(8,048)	-	-
Net movement in funds Fund balances at 6 April 2021 Fund balances at 5 April 2022
	(40)	582,033	581,993	1,030,487
	193	7,301,809	7,302,002	6,271,515
	153	7,883,842	7,883,995	7,302,002

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

• 8 -

THE ELLERDALE TRUST

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

Prior financial year

Prior financial year	Prior financial year	Prior financial year
Unrestricted Endowment funds funds 2021 2021 Notes £ £			Total
	funds	funds
	2021	2021	2021
	£	£	£
Income from:
Investments 3	220,294	-	220,294
Expenditure on:
Charitable activities 4	253,364	-	253,364
Net gains/(losses) on investments 10	-	1,063,557	1,063,557
Net income/(expenditure) Transfers between funds Net movement in funds Fund balances at 6 April 2020 Fund balances at 5 April 2021
	(33,070)	1,063,557	1,030,487
	33,022
		(33,022)	-
	(48)	1,030,535	1,030,487
	241	6,271,274	6,271,515
	193	7,301,809	7,302,002

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

• 9 -

THE ELLERDALE TRUST

BALANCE SHEET

AS AT 5 APRIL 2022

Notes	2022	2022	2021	2021
	£	£	£	£
Fixed assets
Tangible assets 11 Investments 12 Current assets	53,143 411,313 464,456 (8,025)	153 7,427,411 7,427,564 456,431 7,883,995	51,425 419,915 471,340 (6,861)	193
				6,837,330
				6,837,523
Debtors 14
Cash at bank and in hand
Liabilities Creditors: amounts falling due within one year 15
Net current assets				464,479
Total assets less current liabilities
				7,302,002
The funds of the charity:
General endowment funds 16		7,883,842 153 7,883,995		7,301,809
Unrestricted funds				193
				7,302,002

The accounts were approved by the Trustees on 24 January 2023

S P Moores OBE Trustee

• 10 -

THE ELLERDALE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

1 Accounting policies

Charity information

The Ellerdale Trust is a UK registered charity. The principal address can be found on the Legal and Administration information page.

1.1 Accounting convention

The financial statements have been prepared in accordance with the trust's Trust Deed, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The trust is a Public Benefit Entity as defined by FRS 102.

The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The Charity has taken advantage of the provisions in the SORP for Charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

1.2 Going concern

At the time of approving the accounts the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the ‘going concern’ basis of accounting in preparing the accounts.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

The endowment fund is an unrestricted fund and is expendable. It has arisen mainly from the periodic donations made in the past by the trustee S P Moores. There are no restrictions in the use of income or application of capital from the fund.

1.4 Income

Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

• 11 -

THE ELLERDALE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is largely in the form of grants to institutions undertaking activities consistent with the charity's aims and objectives.

Expenditure is recognised as soon as there is a legal or constructive obligation committing the Trust to the expenditure. It includes irrecoverable VAT.

Grants are included as charitable donations in the year which they are paid or minuted as approved and committed for payment, whichever is earlier.

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit together with other administration fees.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment 20% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

Only capital expenditure amounts in excess of £200 per item are capitalised as fixed assets.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.10 Financial instruments

The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

• 12 -

THE ELLERDALE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.

1.11 Taxation

The charity benefits from various exemptions from taxation afforded by tax legislation and is not liable to corporation tax on income or gains falling within those exemptions. Recovery is made of tax deducted from qualifying income and from receipts under Gift Aid.

The charity is not able to recover Value Added Tax. Expenditure is recorded in the accounts inclusive of VAT.

1.12 Pensions

The trust operates a defined contributions pension scheme. Contributions are charged in the accounts as they become payable in accordance with the rules of the scheme.

2 Critical accounting estimates and judgements

In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

• 13 -

THE ELLERDALE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

3 Investments

Unrestricted Unrestricted funds funds 2022 2021 £ £ Income from listed investments 204,971 219,803 Interest receivable - 491 204,971 220,294	Unrestricted Unrestricted funds funds 2022 2021 £ £ Income from listed investments 204,971 219,803 Interest receivable - 491 204,971 220,294	Unrestricted Unrestricted funds funds 2022 2021 £ £ Income from listed investments 204,971 219,803 Interest receivable - 491 204,971 220,294
	funds	funds
	2022	2021
	£	£
	204,971	219,803
	-	491
	204,971	220,294
4 Charitable activities

Unrestricted funds Unrestricted funds 2022 2021	Unrestricted funds Unrestricted funds 2022 2021	Unrestricted funds Unrestricted funds 2022 2021
	2022	2021
Grant and project funding	£	£
Staff costs	37,056	36,605
Depreciation and impairment	39	48
Travelling expenses	526	147
Office costs	-	834
	37,621	37,634
Grant funding of activities (see note 5)	166,750	204,750
Share of governance costs (see note 6)	8,688	10,980
	213,059	253,364

• 14 -

THE ELLERDALE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

5 Grants payable		2021 £ 1,000 2,000 - 7,000 1,000 2,000 2,000 15,000 4,000 2,500 2,500 1,000 9,000 1,000 15,000 - 6,000 5,000 18,000 8,000 500 3,000 500 6,000 - 1,250 5,000 2,000 20,000 3,000 24,000 3,000 4,000 - 3,000 1,000 3,000 5,000 3,000 10,000 4,000
Action for Kids Aspergers East Anglia BiPolar UK BREAK CLIC Sargent Community Action Norwich Connects & Co EACH Eating Matters Friends of Hewitt Academy Friends of Hewitt Academy - Covid recovery Get Me Out These Four Walls Gr8 As U R Great Yarmouth Pathway Home Start Norfolk Kinetic Science Mancroft Advice Project Matthew's Friends MIND MIND - Covid recovery Musical Keys NANSA Family Centre New Routes Norfolk & Norwich Festival Norfolk & Norwich Hospital Charities Norfolk Community Foundation Norwich MIND Norwich Puppet Theatre NSPCC SHINE Sir Norman Lamb Mental Health and Wellbeing Fund Sue Lambert Trust Swan Youth Project The Daisy Garland The Garage The GEM Foundation The Hamlet Centre Trst The Matthew Project The Prince's Trust The Soul Foundation TIME Norfolk Total Ensemble Theatre Co. ToysLikeMe - CIC Twins Trust	2022
	£
	-
	2,000
	1,000
	6,000
	-
	2,000
	1,000
	15,000
	4,000
	2,500
	-
	1,000
	8,000
	500
	15,000
	3,000
	3,000
	5,000
	18,000
	-
	-
	3,000
	-
	4,000
	3,000
	1,250
	5,000
	-
	20,000
	3,000
	10,000
	3,000
	4,000
	5,000
	2,000
	500
	2,000
	5,000
	3,000
	-
	1,000
	-	(500)
	2,000	2,000 - 204,750
	3,000
	166,750

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THE ELLERDALE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

6 Support costs

Support costs Governance costs £ £	Support costs Governance costs £ £	Support costs Governance costs £ £	2022 Support costs Governance costs	2022 Support costs Governance costs	2022 Support costs Governance costs	2021
	£	£	£	£	£	£
Audit fees	-	3,750	3,750	-	2,400	2,400
Accountancy	-	4,938	4,938	-	8,530	8,530
Bank charges	-	-	-	-	50	50
	-	8,688	8,688	-	10,980	10,980
Analysed between
Charitable activities	-	8,688	8,688	-	10,980	10,980

All governance costs are recharged to grant and project funding activity.

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year, no trustees have been reimbursed expenses in the year (2021: one trustee reimbursed £358).

• 8 Auditor's remuneration

The analysis of auditor's remuneration is as follows:
Fees payable to the charity's auditors and associates:	2022	2021
	£	£
Audit of the charity's annual accounts	3,750	2,400

• 9 Employees

Number of employees

The average monthly number of employees during the year was:

Number of employees The average monthly number of employees during the year was:	Number of employees The average monthly number of employees during the year was:	Number of employees The average monthly number of employees during the year was:
2022 2021 Number Number
Administration	1	1
Employment costs	2022	2021
	£	£
Wages and salaries	35,977	35,539
Other pension costs	1,079	1,066
	37,056	36,605

There were no employees whose annual remuneration was £60,000 or more (2021: none).

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THE ELLERDALE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

10 Net gains/(losses) on investments	10 Net gains/(losses) on investments	10 Net gains/(losses) on investments
Endowment Endowment funds funds general general 2022 2021 £ £ Revaluation of investments 590,081 905,178 Gain/(loss) on sale of investments - 158,379 590,081 1,063,557 11 Tangible fixed assets
	funds	funds
	general	general
	2022	2021
	£	£
	590,081	905,178
	-	158,379
	590,081	1,063,557
11 Tangible fixed assets
Fixtures, fittings & equipment £ Cost At 6 April 2021 1,427 At 5 April 2022 1,427 Depreciation and impairment At 6 April 2021 1,235 Depreciation charged in the year 39 At 5 April 2022 1,274 Carrying amount At 5 April 2022 153 At 5 April 2021 193 12 Fixed asset investments £ Valuation At 6 April 2021 6,837,330 Valuation changes 590,081 At 5 April 2022 7,427,411 Carrying amount At 05 April 2022 7,427,411 At 05 April 2021 6,837,330
		£
		1,427
		1,427
		1,235
		39
		1,274
		153
		193
12 Fixed asset investments
Valuation At 6 April 2021 Valuation changes At 5 April 2022 Carrying amount At 05 April 2022 At 05 April 2021
		£
		6,837,330
		590,081
		7,427,411
		7,427,411
		6,837,330

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THE ELLERDALE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

13 Financial instruments	2022	2021 £ 471,340 6,837,330 5,904 2021 £ 51,425 2021 £ 957
Carrying amount of financial assets Debt instruments measured at amortised cost Equity instruments measured at cost less impairment Carrying amount of financial liabilities Measured at amortised cost 14 Debtors Amounts falling due within one year: Other debtors 15 Creditors: amounts falling due within one year	£
	464,456
	7,427,411
	8,025
	2022
	£
	53,143
Other taxation and social security Other creditors Accruals and deferred income	2022
	£
	-
	1,347	(456)
	6,678	6,360 6,861
	8,025

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THE ELLERDALE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

16 Endowment funds

Endowment funds represent assets which must be held permanently by the trust. Income arising on the endowment funds can be used in accordance with the objects of the trust and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

Balance at 6 April 2020 £	Balance at 6 April 2020 £	Movement in funds	Movement in funds	Movement in funds	Movement in funds	Movement in funds	Movement in funds	Movement in funds	Movement in funds	Movement in funds	Movement in funds
		Income Expenditure		Transfers Investments gains/losses Balance at 6 April 2021			Income Expenditure		Transfers Investments gains/losses Balance at 5 April 2022
		£	£	£	£	£	£	£	£	£	£
Expendable endowments
Endownment fund			- -					- -
	6,271,274	-		(33,022)	1,063,557	7,301,809	-		(8,048)	590,081	7,883,842
	6,271,274	-		(33,022)	1,063,557	7,301,809	-		(8,048)	590,081	7,883,842

The Expendable Endowment Fund is an unrestricted fund comprising special receipts and subsequent movements.

The fund originated from donations made under Deed of Gift and Gift Aid by the Settlor, Mr S P Moores, between September 1999 and April 2001. These donations, which, with associated tax recoveries totalled £6,007,568, were credited to The Expendable Endowment Fund at the request of the Settlor.

£8,048 was transferred in 2022 from Endowment Funds to Unrestricted Funds to cover the grants made which have exceeded the income received in the year.

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THE ELLERDALE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

17 Analysis of net assets between funds

Analysis of net assets between funds	Analysis of net assets between funds	Analysis of net assets between funds
Unrestricted funds Endowment funds 2022 2022 £ £			Total Unrestricted funds Endowment funds			Total
	2022	2022	2022	2021	2021	2021
	£	£	£	£	£	£
Fund balances at 5 April 2022 are represented by:
Tangible assets	153	-	153	193	-	193
Investments	-	7,427,411	7,427,411	-	6,837,330	6,837,330
Current assets/(liabilities)	-	456,431	456,431	-	464,479	464,479
	153	7,883,842	7,883,995	193	7,301,809	7,302,002

18 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

	2022	2021
	£	£
Aggregate compensation	37,057	36,605

J S Elliott, a trustee, is a current director of BWM. BWM act as the charity's accountants and also assist with the administration of the charity. BWM was paid £4,938 during the year (2021: £8,530) for accountancy and administration fees.

Other than disclosed in note 7 there were no other related party transactions.

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